is it me or is everything overpriced?

ManicMum

I'm trying to sell in a very popular part of the country and things are dropping pricewise. Have reduced mine twice now. Not even had an offer yet. Election is looming. People know this and are making wild offers. If you want to get shot, I would reduce now or you may regret this time next year. But then you may not, who knows?

Good luck!

sarah_elton

We're in the process of buying (solicitors doing their thing) and are paying less than the owners bought it for in 2005. But they're buying an empty place that needs some work so probably got that pretty cheap in the current climate.

We agreed an offer on the place we are buying a day after it came on the market. The asking price was less than they purchased for as they'd found the place they wanted to buy and so wanted a quick sale. We then got a couple of grand off the asking price. Meanwhile, we had been looking for almost a year before this came up and most other similar stuff on the market has been on that whole time at £20-40k more.

Where I am, there's houses that have sat on the market a very long time due to over-pricing, and there's ones that come on and sell right away due to pent up demand from people like us looking for houses at the right price. There's not much in between.

TBeckett100

sorry what I meant was that everything seems to be in log jam.

pingu2209

If you sell and buy through the same EA the EA will help to negotiate what you dropped by off the next house up.

MissMoneypenny

TBeckett100 wrote: »

We have been trying to sell our property for six months to no avail. We are looking around and everything is back to boom prices. I know my property is probably worth less than I am marketing for, but I cant drop my price because I wont be able to move. Are there many sellers on this board marketing at more than they would accept or are we all lose lose situation?

We are trying to sell my mothers house which is in one of the so called "sought after" areas close to London. We were shocked at the high amount the EA thought he could get for it. Then he wanted to put it on the market at an even highter price, to allow for a low offer. We followed his advice.

Now we have dropped the asking price to the amount the EA told us he thought it would sell for. [FONT=&quot]The family and our solicitor (who deals with a lot of house sales in the area)[/FONT] see these low interest rates as a small window of opportunity to sell before all hell breaks loose after the election - whatever party gets in.

Eric1

MissMoneypenny wrote: »

We are trying to sell my mothers house which is in one of the so called "sought after" areas close to London. We were shocked at the high amount the EA thought he could get for it. Then he wanted to put it on the market at an even highter price, to allow for a low offer. We followed his advice.

Now we have dropped the asking price to the amount the EA told us he thought it would sell for. [FONT=&quot]The family and our solicitor (who deals with a lot of house sales in the area)[/FONT] see these low interest rates as a small window of opportunity to sell before all hell breaks loose after the election - whatever party gets in.

Well, the only problem is buyers like me are well aware of the coming hell too

MissMoneypenny

Eric1 wrote: »

Well, the only problem is buyers like me are well aware of the coming hell too

That is why we are trying to sell it asap, by dropping the price. We don't want to be chasing the market down.

At least we don't have the worry of my mother being dropped into negative equity, as she doesn't have a mortgage.

NPowerUser

MissMoneypenny wrote: »

That is why we are trying to sell it asap, by dropping the price. We don't want to be chasing the market down.

At least we don't have the worry of my mother being dropped into negative equity, as she doesn't have a mortgage.

Best of luck in getting your sale.

At the end of the day your home is worth what someone is prepared to pay for it but I sympathise that the market seems artificially high in your area.

Have you tried adding value to your home like new carpets?
When I sold just before Xmas new carpets @ £1400 seemed to do the trick.
We had more positive viewings with the new carpets down, it just made the place look bigger and fresher.

Fingers crossed for you.

franklee

NPowerUser wrote: »

At the end of the day your home is worth what someone is prepared to pay for it

Why oh why do people keep saying that? It implies that it's impossible to overpay as the house is worth what you pay. Clearly this isn't true as it is possible to pay too much :whistle:

franklee

TBeckett100 wrote: »

sorry what I meant was that everything seems to be in log jam.

Yeah I thought that's what you meant and FWIW I agree. If everyone started being sensible the market would get moving again and all but the downsizers (who have had loads of house price growth anyway so missing the very top hardly matters) would better off, but few want to take that risk - yet!